The Government has announced plans to unify disjointed programmes designed to support fast-growing businesses.
The Business Growth Service will combine a number of publicly funded schemes under one roof, as part of a drive to simplify existing initiatives and make it easier for related businesses to access them.
Previously, the Government’s entrepreneur-support programmes have been criticised for requiring a large degree of administrative work to access, often detracting from the valuable time of key individuals.
Included in the service will be the £200 million growth accelerator and the Manufacturing Advisory Service (MAS), as well as support schemes from the Intellectual Property Service and Design Council.
Matthew Hancock, the business minister, said: “Small businesses told us the support available was too disjointing so we have joined it together through our new Business Growth Service, which will provide a tailored package of support.”
The Government has been pushing further support for SMEs and entrepreneurships recently, with a series of significant support measures announced in the Chancellor’s Autumn Statement. Recovering from the recession, SMEs are now looked at as being a main driving force behind economic recovery.
The growth accelerator initiative began in 2012 and is designed to help 26,000 companies deemed as having the potential for rapid growth. Meanwhile, the advice service helps small manufacturers improve their efficiency, supply chains and to get new projects off the ground.
The Business Growth service is open to businesses in England with fewer than 250 employees, otherwise known as SMEs, with a turnover of less than £40 million and able to show that they have the potential to improve and grow.
